The agreement, signed jointly by Statoil ceo Helge Lund and Rovnag Abdullayev, ceo of State Oil Company of the Republic of Azerbaijan (SOCAR), covers the Zafar-Marshal structures located approximately 100 km offshore south of Azerbaijani capital Baku.
Statoil has been present in Azerbaijan for the last 20 years and already has stakes in the oil-producing Azeri-Guneshli (8.56%) and gas-producing Shah Deniz (25.5%) fields.
"This MoU reflects our long-term commitment to Azerbaijan,” said Lund. “We look forward to sharing our knowledge and cooperating with our Azerbaijani partners to explore the potential of the Caspian Sea."
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